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The S& P 500 index. SPX closed at a record high on Thursday after the Federal Reserve said it would cut interest rates if necessary in the face of increasing risks such as the U.S. -China trade war. The index closed slightly lower on Friday, with volatile intraday trends and expectations from trade progress between the United States and China, but tensions between the United States and Iraq weakened market sentiment. [.NCN]
Friendly talks between leaders of China and the United States are indispensable if the rise is to continue. The two leaders are expected to meet on the margins of next week's G-20 summit in Japan.
The Sino-US trade negotiations suddenly broke down in early May, triggering market shocks.
Trump subsequently imposed tariffs on $200 billion of Chinese imports to the United States and threatened to impose a 25% tariff on another $325 billion, bringing enormous uncertainty to businesses and investors, thereby putting pressure on global economic growth.
Federal Reserve Chairman Powell pointed out in a press conference after the policy meeting that although the basic economic outlook is still "favorable", risks continue to rise, including the possible drag on U.S. corporate investment caused by increased trade tensions and signs of slowing growth overseas.
With interest rate cuts and progress in the US-China trade agreement expected, the S& P index has pulled back its 6.6% decline in May, and analysts are hopeful ahead of the G20 summit.
The Wall Street Journal quoted a senior U.S. government official on Friday as saying Vice President Burns would postpone his speech on China's policy scheduled for next week to avoid heightening tensions ahead of Trump's planned meeting with Xi Jinping next week. This adds to the optimism.
Frances Donald, head of macroeconomic strategy and chief economist at Manulife Investment Management in Toronto, said investors do not need "a complete agreement at the G20 to add more confidence to the market, but the market needs some assurances about easing trade tensions."

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